Kasikornbank unveils facial recognition tech for Boonterm kiosks

It will allow customers to access financial services across 1,300 Boonterm kiosks.

Thailand-based Kasikornbank (KBank), KASIKORN Business Technology Group (KBTG) and Boonterm has unveiled their facial recognition technology for e-KYC that allows KBank’s retail customers to access financial services across 1,300 Boonterm kiosks, the lender announced in a press release.

The e-KYC service is available 24 hours a day across Boonterm kiosks located at convenience stores and in communities. By the end of 2020, the service is expected to be available at 3,000 locations, and should accommodate 2-3 million transactions per year.

Customers can verify their identity via Boonterm kiosk for deposit account opening, loan request, insurance product purchase and application for e-wallet as well as request a creditworthiness check or other financial history examination, the bank added.

The technology compares the service user’s face from the picture taken by the kiosk to the picture on their national ID card, based on the highest standards of security and accuracy. It can detect 512 points on the human face. As each point on the human face represents one password, it would be extremely difficult to forge all 512 points, according to KBTG chairman Ruangroj Poonpol, KBTG Chairman.